ISLAMABAD: The dismal devaluation of the Pakistani rupee continued both at the interbank and open market and on Wednesday, it slid down to a new low by Rs 1.40 (0.46 %) against the American dollar in the interbank to settle at Rs 304.45 against Rs305.05 last day.
Interbank closing #ExchangeRate for todayhttps://t.co/uoyN8h2pSj#SBPExchangeRate pic.twitter.com/EQ4HHYi1S3
— SBP (@StateBank_Pak) August 30, 2023
Meanwhile, the situation in the open market is even worse, and one could hardly get a dollar at Rs 325 from the market, as the market became highly volatile due to sharp movement ahead of a possible policy rate hike from the SBP.
On Tuesday, the local currency was traded in the range of Rs320 to Rs322; however, on Wednesday, the consumer complained about getting the dollar above the range of Rs 325 to Rs327
Meanwhile, Moody’s, in its recent report, maintained that the lack of fiscal capacity has confined resources allocated for capital expenditure in Pakistan.
Pakistani Rupee Against Other Currencies
Like the greenback the price of the Euro also went up by Rs3.21 paisa to settle at Rs 330.77 against Rs327.56 last day.
The Japanese Yen increased by 01 paisa and closed at Rs2.07, whereas the British Pound recorded an increase of Rs2.73 in the exchange rate and was traded at Rs384.83 as compared to Rs382.10 on Tuesday.
The Emirates Dirham and the Saudi Riyal witnessed an increase of 37 paisa each to close at Rs82.88 and Rs81.37, respectively.
